Pay zero taxes on profits from shares and mutual funds using Section 54F
A taxpayer can claim a capital gain exemption under Section 54F of the Income Tax Act to reduce Capital Gains Tax on the sale of a Long Term Capital Asset. Section 54F exemption is available on the sale of a long-term capital asset except for house property if the taxpayer invests the sale consideration in the purchase or construction of a residential house property.
So, if you sell a capital asset like shares, bonds, jewellery, gold, etc. and reinvest the sale proceeds towards the purchase or construction of a house property, the returns earned on the sale of the capital asset would be allowed as an exemption from tax under Section 54F.
The maximum exemption amount is up to capital gains. The amount of Exemption under Section 54F will be as below:
Exemption amount = Cost of new asset x Capital Gains / Net Consideration
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Name of the Research Analyst - Mr. Himanshu Sinha
Name of the narrator - CA Aleena Rais
Report Date: 14 June 2022
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